South Florida Homes Are Still Selling Despite Rising Mortgage Rates

South Florida Homes Still Selling Despite Rising Mortgage Rates

Despite interest rates rising almost 1% over the last month...homes are still selling in the South Florida area.

Buyers monthly payments are going up but because of lower asking prices.....it hasn't hurt our housing market.

The median price of a home in Palm Beach County was $223,000 last month which is down from the $380,000 price two years ago. In Broward County median home sales price of $364,000 two years ago to $180,000 in May. The number of homes sold has increased for 10 consecutive months.

I think this is happening due to the decrease in inventory I'm seeing in most cities. Also because many homes that have foreclosed are being held by the banks before they would consider re-packaging them and putting them back on the market.

You can read the entire story >>> Here

For more information please contact Neal The Real Deal Bloom-Realtor® /Keller Williams Properties

1625 N. Commerce Parkway,Suite 105

Weston FL 33326

(954)608-5556

The Real Deal tells it Like it is in Real Estate-copyright © 2009-All rights reserved